Business Succession for Real Estate Firms
August 18, 2009
I was featured in a July/August 2009 issue of Real Estate Business Magazine, a print publication, on succession planning for Real Estate Firms. The article is titled: “Step up your succession efforts…even if you have no plans to step down,” by Chris Ryan. july_aug09-re-biz-mag To open the PDF file in this page, click the link; to open it in another tab or browser window, right click the link and select your option; to download it, also right click and select save link as and save it to your computer for later reading.
Reprinted with permission from Real Estate Business magazine. ©Copyright 2009 by the Council of Real Estate Brokerage Managers. All rights reserved. This item can’t be reproduced, reprinted, or retransmitted without express consent of Real Estate Business magazine and the Council of Real Estate Brokerage Managers.
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Be Prepared – Are You Ready for Surgery, Illness or Death?
August 14, 2009
What do you need to do, know, have in place BEFORE undergoing a serious medical procedure? Here are some tips I developed when a friend called to tell me they were going to have a serious operation:
On the medical side, do you have:
- A durable Power of Attorney (PoA) relating to your temporary or long-term incapacity and/or your death. This document allows your selected representative to continue to conduct your business, even when you can’t;
- A Health Care Directive signed and executed, identifying who you have chosen to be (and who has agreed to be) responsible for acting upon your instructions for medical care, even when you can’t. Be sure the person chosen is committed to do what you want done; Resource: (http://www.geocities.com/organdonate/LifeSupportDirective.html)
and/or,
- A Living Will that’s in place and that follows the same guidelines for a Life Directive. Many states have their own forms and requirements. Also who or what agency is responsible for processing the paperwork, and how it is administered, may be different in many states. Instructions for MD’s noting prior care or illness, drugs, allergies, etc should be included, even if not required.
- The State of Pennsylvania has a web site with a form that combines these forms into one. Remember, though, that many states have their own requirements, so make sure to check if your state has more stringent requirements. Go to: http://www.aging.state.pa.us/aging/lib/aging/Sample_Forms_for_Advance_Directives.pdf.
On the personal side, you should have:
- A Last Will and Testament (including the allocation of personal items);
- Recordings (audio and/or video) to key people you want to reach out to;
- Personal business financial records (bank, credit card, retail store cards with account #’s, institutions, passwords, where records kept) [IF YOU DIE, SAFE DEPOSIT BOXES AND/OR BANK ACCONTS SOLELY IN YOURNAME ARE TYPICALLY FROZEN. JOINT ACCOUNTS ARE TYPICALLY NOT HANDLED THIS WAY.]
- Electronic Records (accounts, passwords, disposition);
- Business financial records and Intellectual Property (IP) – List the status and contents of your IP assets – who will manage your creations going forward; small businesses (corps, llc’s etc) PoA for survivor(s) in charge, Employer Identification Numbers for each entity (EIN), business bank and credit information, passwords and payment due dates.
- Anything private you want to keep private from one, or more, relatives/friends, should be handled confidentially by your PoA, or be put in a safe place for the duration of your at risk period, or for disposition at your death.
- Contacts. Information your representative or the person designated as your PoA will also need names, addresses, phone numbers and e-mails for the following individuals (if you use them):
o Attorney(s)
o CPA
o Financial Planners
o Management Consultants
o Physician(s)
o People you want to reach – Those you want contacted personally and by whom – seal their information in envelopes with their names, addresses, phones, e-mails, etc indicated on the outside of the envelope. You may also share that you have a message for them, in advance.
I’m sure it’s possible to write an entire book covering all the contingencies and identifying all the people you may want to touch one more time (just in case). Many of us resist the notion of preparing for a crisis because we’re healthy today. Preparation though, is nothing more than making sure you get what you want done, even if you can’t ask for it to be done. I’d rather be prepared.
That’s about it, and here’s hoping none of it is necessary (just yet). By the way, my friend’s surgery…turned out just fine.
DISCLAIMER – None of the information contained herein is intended to be legal or medical advice. Consult an attorney for legal advice and your physician for medical advice.
John Reddish, the Succession Planner & Get Results Coach
